What is a Google Profile ?

Google Profile will share information across all Google products which include a nickname (real name to contacts only), occupation, location, links, photo and short description.

A Google Profile is simply how you represent yourself on Google products — it lets you tell others a bit more about who you are and what you’re all about. You control what goes into your Google Profile, sharing as much (or as little) as you’d like.

According to Google Operating System, Google profiles are now available in Shared Stuff, Google Maps, Google Reader and will be added to other web applications shortly.

Will Google Profile be indexed ?

According to their help Page the site will be indexed, So when you look for your full name via Google it will show your Google Profile in the Result.